March 2 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said that its consolidated net profit grew to 13.9 million levs ($8.5 million/7.1 million euro) in 2020 from 7.2 million levs in 2019, backed by higher revenue.
Allterco's revenue increased to 51.1 million levs last year from 42 million levs in 2019, the company said in an annual financial statement, published on Monday.
The company's revenue from sales of goods jumped 88.2% to 39.6 million levs, while revenue from telecommunications services dropped 48.2% to 6.4 million levs. In 2019, Allterco sold five of its telecommunications subsidiaries to Norway's Link Mobility Group for 7.9 million euro.
Allterco's operating expenses rose 4% to 34.8 million levs in 2020.
In October 2020, Allterco sold part of its shares in Link Mobility Group Holding for some 5 million levs. Allterco received the shares as part of the sale of its telecommunications units to Link Mobility Group.
As at 12:25 CET on Tuesday, shares in Allterco traded 0.53% lower at 9.35 levs.
(1 euro = 1.95583 levs)